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I am Behind on My Mortgage Payments. How Can I Keep My Home?

Posted on in Mortgage

I am Behind on My Mortgage Payments. How Can I Keep My Home?

Homeowners get themselves into financial trouble for a variety of reasons. Maybe you have recently lost your job or suffered a significant injury, straining your financial resources to the point that you have begun to miss mortgage payments. Depending on the gravity of your financial situation, foreclosure might seem like it is your only option.

It is not. In many cases, struggling homeowners can keep their houses by working with an experienced foreclosure defense attorney to determine how they can remain in their homes. It can be difficult and require you to make personal sacrifices, but the payoff is the ability to remain in the home where you have lived and loved.

Bankruptcy and Automatic Stays

Filing for bankruptcy can halt the foreclosure process. This is because when an individual files for bankruptcy, he or she is granted an automatic stay by the court. An automatic stay is an injunction that requires creditors to stop debt collection attempts from the bankrupt individual.

Automatic stays do not cease all types of collection, but they can prevent collection attempts from your mortgage lender.

Negotiate with Your Lender

In some cases, it is possible to negotiate a lower mortgage payment or longer repayment term with your lender. Whether you are successful in negotiating this type of alteration to your loan or opening a new loan can depend largely on your previous payment history and the amount you currently owe on your home. An experienced foreclosure defense attorney can help you with this process.

Investigate Possible Lending Violations

You could be a victim of predatory lending or a violation of one of the laws related to this practice, such as the Real Estate Settlement & Procedures Act (RESPA), the Unfair and Deceptive Trade Practices Act, and the Truth in Lending Act (TILA). Other issues could be related to robo-signing on your mortgage documents or disputes about who actually owns the home.

If this is the case, you may be able to use these violations to defend yourself against a foreclosure lawsuit. We can determine if any violations have occurred and how the discovery of these violations can be beneficial to you as you face foreclosure.

Illinois Bankruptcy Attorneys

Do not allow yourself to be intimidated by the prospect of filing for bankruptcy. You do not have to lose your home to foreclosure – filing for bankruptcy can play a role in protecting you from foreclosure. For sound advice tailored to your specific needs, contact our team of experienced Illinois bankruptcy attorneys at the Law Offices of Newland & Newland, LLP. We are a team of experienced bankruptcy, foreclosure, and loan modification attorneys who understand the nuances of foreclosure and bankruptcy. We can explain these nuances to you in language you can understand and provide you with the guidance you need as you work to stay in your home. Do not wait to begin working with our firm – contact us today to get started.

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